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State Bank tackles downturn   2009-02-23 - VietNamNet/Viet Nam News

The State Bank of Viet Nam (SBV) will encourage commercial banks to expand credit programmes effectively by improving access and addressing problems faced by enterprises in debt repayment.

The SBV will also negotiate with international organisations to mobilise ODA capital and other aid inflows.

SBV Governor Nguyen Van Giau said last Friday that for its part, the central bank would deploy its monetary policies to manage interest rates, exchange rates and gold trading carefully so as to encourage production and export and foster macro-economic stability.

It would also take measures to prevent speculation and illegal trading in foreign currencies, he said.

Giau said the SBV would hold monthly meetings with its subsidiaries and credit organisations to address credit-related problems.

It would also petition the Government to issue specific credit policies for rural areas, including the provision of small loans.

Under these policies, the government will subsidise 50 per cent of the interest rate on loans taken by agricultural workers in 61 poorest districts to plant forests and/ or invest in production.

The Viet Nam Bank for Social Policies will launch a two-year-plan to raise funds and expand lending to poor families and students.

The governor called on commercial banks to disburse capital for big State-operated projects and buy State bonds to help the Government get more money.

The SBV will also negotiate with international organisations to mobilise ODA capital and other aid inflows, according to Giau.

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